Civeo Corporation (NYSE:CVEO) Short Interest Update

Civeo Corporation (NYSE:CVEO) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totaling 296,811 shares, a growth of 19.6% from the March 15th total of 248,201 shares. Approximately 2.8% of the shares of the company are sold short. Based on an average daily volume of 38,458 shares, the short-interest ratio is presently 7.7 days.

Analysts Set New Price Targets

A number of research analysts have recently commented on CVEO shares. Stifel Nicolaus raised their price target on Civeo from $33.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Civeo in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $37.00.

Insiders Place Their Bets

In other news, SVP Peter Mccann sold 4,000 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $28.64, for a total transaction of $114,560.00. Following the transaction, the senior vice president directly owned 50,942 shares of the company’s stock, valued at approximately $1,458,978.88. This trade represents a 7.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Engine Capital Management, Lp sold 417,015 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $28.80, for a total value of $12,010,032.00. Following the transaction, the insider directly owned 66,119 shares in the company, valued at $1,904,227.20. This trade represents a 86.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 430,184 shares of company stock worth $12,390,768 over the last three months. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Civeo

Institutional investors have recently bought and sold shares of the business. CenterBook Partners LP acquired a new stake in Civeo during the 3rd quarter worth about $930,000. GSA Capital Partners LLP acquired a new stake in Civeo during the 3rd quarter worth about $1,045,000. Empowered Funds LLC boosted its position in Civeo by 5.5% during the 4th quarter. Empowered Funds LLC now owns 109,216 shares of the business services provider’s stock worth $2,498,000 after acquiring an additional 5,702 shares during the period. Goldman Sachs Group Inc. acquired a new stake in Civeo during the 4th quarter worth about $2,290,000. Finally, Lido Advisors LLC boosted its position in Civeo by 12.7% during the 4th quarter. Lido Advisors LLC now owns 25,909 shares of the business services provider’s stock worth $596,000 after acquiring an additional 2,916 shares during the period. 81.44% of the stock is currently owned by institutional investors and hedge funds.

Civeo Trading Up 0.5%

CVEO traded up $0.15 during trading on Friday, reaching $30.15. The company had a trading volume of 155,260 shares, compared to its average volume of 62,761. The firm’s 50-day simple moving average is $28.09 and its 200 day simple moving average is $24.76. The company has a market cap of $329.79 million, a price-to-earnings ratio of -19.20 and a beta of 0.65. Civeo has a 12-month low of $18.01 and a 12-month high of $30.33. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.47 and a current ratio of 1.54.

Civeo (NYSE:CVEO) last issued its quarterly earnings results on Tuesday, March 3rd. The business services provider reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.15). The company had revenue of $161.62 million during the quarter, compared to analysts’ expectations of $170.17 million. Civeo had a negative return on equity of 10.20% and a negative net margin of 3.14%. Equities research analysts anticipate that Civeo will post -0.58 earnings per share for the current year.

About Civeo

Civeo Corporation is a leading provider of workforce accommodations and integrated facility management services, primarily serving the oil and gas, mining, and construction sectors. The company specializes in the development, ownership, and operation of remote lodging facilities, commonly known as “man camps,” designed to house workers in geographically challenging environments. Its services include turnkey accommodations, catering, housekeeping, grounds maintenance, and logistical support, tailored to meet the needs of large-scale energy and resource projects.

With a network of lodges and villages across North America and Australia, Civeo caters to clients operating in regions such as Alberta’s oil sands, the Bakken shale play, and Australia’s Pilbara and Bowen Basin mining districts.